February 15th, 2006 - Following a presentation
to Waseco management by McPhar Geosurveys Ltd.
(“McPhar”) on the geophysical surveys
and their interpretation of five (5) projects in
the Quebec Labrador Trough, Waseco Resources Inc.
has staked an additional 35 claims, covering approximately
The programs consisted of ground
gravity and airborne radiometric and magnetometer
surveys at a cost of over $275,000.
As previously reported, McPhar has identified
55 targets on the 5 Blocks. These
targets consist of:
27 uranium anomalies (25 high
priority, 2 moderate);
21 magnetic anomalies (17
high priority, 1 moderate, 3 low priority);
7 uranium bolder anomalies;
Of these, 12 of the uranium anomalies occur
on Block I, and most occur within
a shear zone that extends over 7.5
km on the property associated with
the Argencourt Fault. In addition,
the original reported showings (#
181, 185, 187, and 188, the former
two also associated with the shear
zone) correspond to showings identified
by Eldorado Nuclear in 1979 (catalogued
by the Ministry of Energy and Natural
Resources of Quebec) and also warrant further
In addition, 7 magnetic
anomalies are within this Block and
are at or near surface and consistent
with a vertical pipe-like intrusion
and hence may be kimberlitic in origin.
Rob Hearst, P. Geoph., General Manager
of McPhar and a Qualified Person
under Policy 43-101, has recommended
detailed geological mapping, heavy
mineral sampling for diamonds and
kimberlite indicators in the circular magnetic
anomalies and detailed electromagnetic
surveys for conductive sulphide deposits
containing copper and gold and/or
of the other 4 properties also contains
high priority uranium anomalies.
Compilation of the historic geological
and geochemical data on the 5 properties
is ongoing and further news releases
will be made in the normal course.
Blocks I, II and III are currently
under option to UMC Energy plc.,
an AIM listed company, that has the
option to expend $800,000 by December 31,
2006 to earn a 75% interest. Blocks IV
and V, as well as subsequently staked claims,
are 100% owned by Waseco.